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[HONG KONG] Chinese news aggregator Toutiao, backed by Sequoia Capital and CCB International, is raising at least US$2 billion at a valuation of over US$20 billion in its latest funding round, people familiar with the matter told Reuters.

The fundraising comes after the startup raised US$1 billion at a US$11 billion valuation towards the end of 2016, according to two of the people.

US-based private equity firm General Atlantic is among potential new investors and could be leading the round, one of them said.